Buying a used BMW with hire purchase (HP) car finance

BMW is a premium car manufacturer known for its sophisticated design, advanced technology, and strong performance.

At AutoMoney Motor Finance we can help you secure HP car finance on a used BMW within minutes.

What’s more we can complete your deal the same day, so you can drive home with your chosen BMW model straight away.

Apply now for HP car finance

Complete your details via our online form.

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

Contents

Want to know more about buying a used BMW?

If you’re considering purchasing a used BMW, here’s a detailed look at what you should know about its strengths and weaknesses:

Strengths of buying a used BMW:

  1. Performance and handling: BMW is renowned for its driving dynamics. Known as the "Ultimate Driving Machine", BMW vehicles offer excellent handling, responsive steering, and powerful engines. Models like the 3 Series and 5 Series are particularly praised for their driving pleasure.
  2. Build quality and luxury: BMWs are constructed with high-quality materials and exhibit excellent craftsmanship. The interiors are often luxurious, featuring premium materials, comfortable seating, and advanced technology.
  3. Advanced technology: BMW incorporates a range of advanced technological features across its models. This includes the iDrive infotainment system, advanced driver assistance systems, and efficient engine options. Even older models often come well-equipped with cutting-edge features.
  4. Wide range of models: BMW offers a diverse line-up, from compact cars like the 1 Series to luxury sedans like the 7 Series and SUVs like the X5. This variety ensures that there is likely a BMW model to suit various needs and preferences.
  5. Brand prestige and resale value: BMWs are associated with luxury and performance, which helps them maintain strong resale values. Their reputation for quality and engineering excellence makes them desirable in the used car market.
  6. Fuel efficiency: BMW's EfficientDynamics technology helps improve fuel efficiency without compromising performance. Diesel models, in particular, offer a good balance of power and economy.

Weaknesses to consider:

  1. Maintenance and repair costs: BMW vehicles can be expensive to maintain and repair. Parts and service costs are typically higher than average, so be prepared for potentially higher running costs, including insurance and repairs.
  2. Complex electronics: BMW's advanced electronics and infotainment systems can sometimes be problematic. Issues with the iDrive system or other electronic components can be costly to fix, especially in older models.
  3. Firm ride: Some BMW models, particularly those with sportier suspensions, can have a firmer ride quality. While this may appeal to enthusiasts, it might not be ideal for those seeking a more comfortable, cushioned ride.
  4. Depreciation: While BMWs generally hold their value well, luxury vehicles can depreciate more rapidly than mainstream brands. This can be an advantage for used car buyers but is something to keep in mind if you plan to resell the car later.
  5. Potential for high mileage: Due to their reliability and popularity, many used BMW models can have high mileage. Ensure a thorough inspection and consider a vehicle’s service history to understand how well it has been maintained.

Tips for buying a used BMW:

  • Research specific models: Focus on popular models like the 3 Series, 5 Series, and X3, which have strong reputations in the used car market. Research specific model years for any common issues or recalls.
  • Check service history: Ensure the car has a comprehensive service history and has been well-maintained. Regular servicing by authorized BMW service centres is a good indicator of a well-cared-for vehicle.
  • Inspect for common issues: Look for signs of common issues, such as problems with the automatic transmission in certain models. A thorough inspection and test drive can help identify potential concerns.
  • Consider certified pre-owned: BMW’s certified pre-owned program offers benefits like extended warranties and comprehensive inspections, providing added peace of mind.
  • Evaluate running costs: Factor in potential running costs, including insurance, road tax, and fuel consumption, to ensure the car fits within your budget.

Overall, a used BMW can be a rewarding and luxurious choice for buyers in the UK, offering strong performance, impressive build quality, and a range of advanced features. By conducting thorough research and inspections, you can find a high-quality used BMW that meets your needs and provides lasting satisfaction.

Buying a used BMW with HP car finance

One of the ways to buy a used BMW, if you do not have enough money to pay for it in full straight away, is to use HP car finance.

This is where you ‘hire’ the BMW from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the BMW from us at the end of the term of the borrowing, when you also pay a one-off “option-to-purchase” fee.

At this point you own the BMW completely and our contract comes to an end.

The pros and cons of HP car finance

Borrowing money to buy anything comes with risks, as well as rewards.

Buying a used BMW could be the right choice for you and an ideal solution to the practical challenges of getting about day to day. However, whilst a used car can be significantly cheaper than its brand new alternative, it still involves spending a lot of money.

When you borrow money, you need to make sure you can keep up with payments comfortably. You will have other bills to pay and necessary things to buy, so you don’t want to find that the payments on your BMW are leaving you short of money each month.

There are also other considerations when buying a used car and below we share the pros and cons, to help you decide if applying for HP car finance is right for you.

The pros

  • Drive away in a BMW today: with HP car finance you can get a BMW, even if you don’t have all the money for it right now.
  • Spread the cost of owning your BMW: cars are expensive, but are often an essential part of daily life. When you buy your BMW with HP car finance, you can pay for it gradually over time.
  • Manage your finances: HP car finance comes with a clear payment plan. You can easily compare what your finances will look like each month by taking away the money your BMW will cost you, alongside your other bills and costs, from your income to make sure it is affordable for you.
  • Decide how much you can afford each month: if you find the BMW you are looking at is too expensive per month, you can look at other options, with lower monthly costs.
  • Choose a term that suits you: you can repay over 3-5 years, which will impact the monthly cost to suit your monthly finances. Borrowing for longer reduces the monthly cost, but be aware it may increase the total amount you repay.
  • Own your BMW at the end of the term: If you keep up with your monthly payments, and can afford the “option-to-purchase” fee, you will own your BMW at the end of the term of your agreement.

The cons

  • Delayed ownership: You won't own the car until the final payment is made. Missing payments could result in your BMW being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the BMW is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the BMW’s purchase price.
  • Insurance requirements: Comprehensive insurance is required, which can be more costly.
  • Credit impact: Missing payments can negatively affect your credit score, making future borrowing more difficult.
  • Repossession risk: Failure to make payments can lead to the car being repossessed, possibly leaving you with outstanding debt.

Please make sure you read and understand your hire purchase agreement, maintain your car and ensure you can afford the payments before committing.

Why get HP car finance with AutoMoney Motor Finance?

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  • Complete the same day

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AutoMoney Motor Finance is part of a family-owned company called Norfolk Capital Group. Our chairman built all his businesses on strong values, which we look for in every employee that works here.

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Ready to apply?

We hope you found the information on this page useful. If you are now ready to apply for HP car finance with us, we’d be pleased to help.

Get started with an application using our online form:

Get started online

Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

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